With on-chain analyst Cyvers stating that $16 million has been withdrawn on the Ethereum network as a result of a “private key leak,” cryptocurrency casino Stake looks to have been the subject of an exploit.
ZachXBT, a blockchain investigator, confirmed Cyvers’ assertion, claiming that $25.6 million had been stolen across Polygon and the Binance Smart Chain, and $15.7 million had been lost on Ethereum.
Although that amount decreased by 70% in the first quarter of this year, over $3.7 billion in cryptocurrency was lost to various hacks and exploits last year.
According to Cyvers, the stolen money was converted to ether (ETH) and sent to a number of wallets that were not owned by the victim.
According to Etherscan data, the targeted Stake wallet still has $340,000 worth of ETH and $2.1 million worth of different cryptocurrencies. The wallet appears to have been paused for withdrawals, according to many Twitter users.
Stake is an Australian casino and sportsbook that accepts cryptocurrency deposits and wagers. According to a Financial Times article, it generated $2.6 billion in revenue in 2022.